Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 210,903 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average price of $35.02 per share, with a total value of $7,385,823.06. Following the completion of the transaction, the insider owned 122,980,307 shares of the company’s stock, valued at approximately $4,306,770,351.14. This trade represents a 0.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Trading Up 0.1%

Shares of CRBG stock opened at $34.90 on Friday. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64. The firm has a market capitalization of $15.56 billion, a PE ratio of 20.41, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The stock has a fifty day moving average of $32.79 and a two-hundred day moving average of $28.76. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company earned $1.36 earnings per share. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the business. Rothschild Investment LLC grew its stake in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares in the last quarter. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $27,000. Sonoma Allocations LLC acquired a new stake in shares of Corebridge Financial during the first quarter worth approximately $30,000. Allworth Financial LP acquired a new stake in shares of Corebridge Financial during the second quarter worth approximately $41,000. Finally, Versant Capital Management Inc grew its position in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after purchasing an additional 1,484 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRBG. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Mizuho boosted their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. UBS Group upped their target price on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $37.42.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.